“Australian Taxation Office and your tax return

Subject: Australian Taxation Office: Please submit the tax refund

After the last annual calculation of your fiscal activity we have determined that you are eligible to receive a tax refund . Please submit the tax refund request and allow us 3-6 days in order to process it.

A refund can be delayed for a variety of reasons. .
For example submitting invalid records or applying after the deadline.

In order to complete your tax refund please Download attachment.

Regards,

Australian Taxation Office

© Copyright 2011,ATO”

Post from: Oz Accounting | Australian Financial & Tax Blog

Dodgy Fake ATO Email Floating Around

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Cloud Computing has the following advantages:

• Stored on secure servers around the world. No lost files if your work computer crashes.
• Access these systems from any computer around the world.
• Unlimited access for multiple users around the world.
• Less hardware requirements, you need only an internet connection
• Regular Free updates to the software, with little to no downtime at all.
• Phone versions available. Most cloud computing solutions are iPhone compatible. Imagine finishing a project, logging onto your iPhone and invoicing the customer straight to their email inbox!
• No big software costs. A small montly fee is charged, this helps manage cash flow better as well.
• Support is usually free & included

So who can benefit from the cloud the most?

Individuals & Small/medium businesses

What’s available in the cloud for my business?

• XERO – The ultimate accounting solution. Replaces solutions such as myob and quickbooks. Another advantage other than the ones listed above is that accountants can log in and help you manage your accounts live without emailing files and messing around. XERO can also get a live feed of your bank account, no processing or time consuming bank recs ever again!
  We currently have 3 clients now using this software and are wondering why they didnt start using it earlier!
• DropBox - Dropbox allows you to sync your files online and across your computers automatically. Dropbox automatically syncs when new files or changes are detected.
  Imagine finishing a pricelist excel document, saving it to your computer, then your out at the shops and a customer rings you. You can look up the spreadsheet on your phone and retrieve it. Alternatively you could be at the airport, open up your laptop (providing its connected to the internet), the spreadsheet appears in your documents as its synced and away you go!
  Dropbox has 2GB of online storage for free, with up to 100GB available to paying customers.
• Workflow Max – Client Resource Management, includes timesheets and client database management. Integrates with XERO as well.
• Paycycle – A Great payroll system. Very easy to use and doing the payroll can be completed within 10 minutes! Integrates with XERO as well.
• e-Mail – Google can actually host your mail just like a gmail account, but you can have name@domain.com.au – We currently use this system at Macquarie Partners
• Sharesight - Share Portfolio Management -Sharesight is a new generation, online share portfolio management system designed for DIY share market investors. Sharesight’s online software is simple and intuitive to use. It is designed to provide maximum output for minimum input. Integrates with XERO as well.

So, I want to work in the cloud! Where should I start?

Xero accounting system is a great easy place to start in getting into cloud computing. Dropbox is another easy one too. Alot of these sites have video overviews of what the software does, we recommend checking them out to see what it can actually do for you.

If you would like some help deciding, what solutions would be suitable, you can contact the Macquarie Partners (Central Coast) techie at it@mpcc.com.au

Alternatively, all the sites mentioned above have free trials, try them out for yourself and see the potential of cloud computing.

Post from: Oz Accounting | Australian Financial & Tax Blog

Cloud Computing in the Accounting World

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It is the month of August, on the shores of the Black Sea . It is raining,
and the little town looks totally deserted. It is tough times, everybody is
in debt, and everybody lives on credit.

Suddenly, a rich tourist comes to town.
He enters the only hotel, lays a 100 Euro note on the reception counter,
and goes to inspect the rooms upstairs in order to pick one.
The hotel proprietor takes the 100 Euro note and runs to pay his debt to
the butcher.
The Butcher takes the 100 Euro note, and runs to pay his debt to the pig
grower.
The pig grower takes the 100 Euro note, and runs to pay his debt to the
supplier of his feed and fuel.
The supplier of feed and fuel takes the 100 Euro note and runs to pay his
debt to the town’s prostitute that in these hard times, gave her “services”
on credit.
The hooker runs to the hotel, and pays off her debt with the 100 Euro note
to the hotel proprietor to pay for the rooms that she rented when she
brought her clients there.
The hotel proprietor then lays the 100 Euro note back on the counter so
that the rich tourist will not suspect anything.
At that moment, the rich tourist comes down after inspecting the rooms,
and takes his 100 Euro note, after saying that he did not like any of the
rooms, and leaves town.
No one earned anything. However, the whole town is now without debt, and
looks to the future with a lot of optimism….
And that, ladies and gentlemen, is how the United States Government is doing
business today.

Post from: Oz Accounting | Australian Financial & Tax Blog

A Stimulus Story

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“Can you explain what family trusts are about and how/if they can benefit a small family (no kids)?”

There any many variables you will need to consider but I’ll give a general overview.

To make a family trust it costs around $1000, so if your your not going to save more than that, there’s really no point.

To be effect the income source needs to be over about $30,000 as long as only one person is making money. A vital factor is Personal services income or PSI which must be below 80% meaning that all the income has to come from more than 80% from one source.

A family trust is ideal for a service skill such as a plumber or lawyer as they serve many different clients and do not work for a company.

The benefits are that is the husband earns $50,000 and spouse earns 0 than they can split the income between the two.

EG. Person on $50,000 would pay $8850 in tax.
Where as two people on $25,000 each would pay $2,850 each or $5,700
Thus a saving of 8850 – 5700 -$1000 for the trust costs = $2150 saving per year.

If you did have kids, it can help the situation even more saving an each $400-$600 depending on your tax bracket.

If this sounds like you, see your tax agent to get more advice.

If anyone picks up that i have missed something above comment below or contact us.

Post from: Oz Accounting | Australian Financial & Tax Blog

Family Trusts & The Tax Advantages

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Chuck replied: “Well then just give me my money back”.

The farmer said: “I cant do that, I went and spent it already”.

Chuck said: “OK then, just bring me the dead donkey”.

The farmer asked: “what are you gonna do with him?

Chuck said: “I’m going to raffle him off”

The farmer replied: “you cant raffle off a dead donkey!”

Chuck replied: Sure I can. Just watch me… I just wont tell anybody he’s dead.”

A month later, the farmer met up with chuck and asked, “what happened with the dead donkey!”

Chuck said: “I raffled him off. I sold 500 tickets at $2 a piece and made a profit of $898.00”

The farmer asked: “did anyone complain.

Chuck said: “Just the guy who won. So I gave him his $2 back.

Now Chuck works for the Government.

Post from: Oz Accounting | Australian Financial & Tax Blog

The Dead Donkey | Joke #2

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“I was expecting it to be in my bank account Monday morning but no sign of it. Thursday morning it appeared in the mail from my accountant who relayed it on to me.” -  Rhys Evans

Can’t the ATO get anything right?

Post from: Oz Accounting | Australian Financial & Tax Blog

ATO Stuffing Up Bank Deposits, Sending Cheques Instead

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Being looking at some shares recently these ones look good.

ABP – current share price .34 current annual dividend yield 20%

SHL & NUF both have announced recently improved profits on previous years accounts with solid balance sheets both showing a steady positions.

All three are worth having a look into.

Let me know what shares you guys have found that’s worth a look.

Regards,

Kieran

*Please note make sure you do your own research into these companies as its your money not mine )

Post from: Oz Accounting | Australian Financial & Tax Blog

ASX Buying Tips For May 2009

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Post from: Oz Accounting | Australian Financial & Tax Blog

OzAccounting New Contributor – Kieran Powell

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Haters said, “Pape was a filthy dog, why would any man try and stop us getting money from the government. We want our $900!” The haters were quickly rounded up by police and questioned.

Unfortunately Pape did not show up for day 2 in court, and the judge ordered an end to the case and gave the all clear to start giving out $900 bonus payments again from tomorrow.

Please Note: This is a April Fools joke and did not actually happen. :)

Post from: Oz Accounting | Australian Financial & Tax Blog

Bryan Pape Gunned Down On His Way To Court

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